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The real estate market in India is changing a lot because of the country’s growing economy, more people moving to cities, and what people want in a home. This blog discusses seven big changes and real estate trends happening in residential real estate in India and how these changes will affect the market.
1. Rise of Low-Density Housing
Low-density housing means neighbourhoods with fewer houses spread out over a larger area, like villas, townhouses, and plotted developments. This kind of housing helps protect the environment, gives people more privacy, and uses fewer resources.
Many people want to live in places with fewer neighbours and more nature. They’re looking for homes that give them privacy and a break from the busy city.
The trend of living in spacious houses with lots of greenery and exclusivity is becoming more popular. For example, the Runwal Group Projects focus on creating open spaces and lush surroundings. According to a survey, about 33% of high-net-worth individuals and ultra-high-net-worth individuals are willing to spend over 10 crores on buying such property and the future of real estate is continuously growing rapidly.
More people are choosing to live in neighbourhoods that offer a mix of modern conveniences and the peaceful surroundings typically found in the suburbs.
2. Technological Integration
Technology is changing the way we live in our homes, making things more convenient, secure, and comfortable.
Smart homes with devices that can connect to the internet, systems that can automate tasks at home, and assistants that use artificial intelligence are becoming more common. These advancements make it easier for people to live in their homes and set new standards for futuristic living.
Did you know that the Smart Home market in India is growing rapidly. By 2024, the expected revenue in this market is a whopping USD 6.5 billion! In 2025, the number of smart homes in India is predicted to reach USD 442 million, which would place India as the third largest market for smart homes in the world.
3. Increased Preference for Homeownership
The COVID-19 pandemic has made more people want to own a home rather than rent one. Many now want a home where they can have separate areas for working, studying, and having fun.
Having a home brings a feeling of safety and consistency, which is especially valuable in times of uncertainty.
In the last financial year, banks in India provided around Rs. 10 lakh crore in housing loans. This shows that more people are feeling positive about buying homes and are making bigger investments in residential properties.
4. Luxury Housing
The demand for fancy and high-end homes in India is increasing because people are earning more, changing the way they live, and seeing the possibility of making substantial returns from investing in these kinds of properties.
Wealthy people are buying fancy homes that provide amazing living experiences. Young adults, who are making more money and prefer city living, are also interested in these upscale homes.
Luxury home sales in India went up by a whopping 130% in the first half of 2023 compared to the same time last year.
5. Growth of Tier 2 Cities
The pandemic has caused many people to rethink where they live and consider finding safe homes in smaller cities near their hometowns. This has led to more people being interested in moving to these smaller cities.
Smaller cities are growing quickly, with lots of new infrastructure development and changes to the property market.
The government’s efforts to create smart cities and the permission for 100% foreign investment in building new neighbourhoods are helping residential real estate projects to grow in these cities. For instance, in Ahmedabad, the market for homes is worth Rs. 83,390 crores, which is even more than some of the biggest cities. This shows that even in smaller cities, the real estate business is booming.
6. Affordable Housing
It is important to have homes that people with lower and middle incomes can afford. This helps many people who need a place to live.
Schemes such as the Pradhan Mantri Awas Yojana and higher budget allocations are helping to support the construction of more affordable housing projects.
The government has allocated a lot more money in the latest budget for a scheme called PM Awas Yojana, which helps provide affordable housing. This shows that the government is really focusing on making sure more people have access to affordable housing.
7. Sustainability
Many people are paying attention to their health and are looking for ways to live sustainably.
Concerns about the well-being of future generations are leading to an increasing need for housing options that are environment-friendly and considerate of long-term sustainability.
Now, builders are using eco-friendly practices like solar panels, bio-gas plants, and rainwater harvesting. For example, the Runwal Group Projects have set up 1,200 solar panels that produce 630,000 kWh of energy every year, showing their dedication to being environmentally friendly.
Conclusion
The future of residential real estate in India is dynamic, shaped by trends, technological integration, increased homeownership, luxury housing, the growth of tier 2 cities, affordable housing, and sustainability. These trends reflect evolving consumer preferences and broader economic and societal shifts.
As we know, the industry of real estate India is rapidly growing. The future of the real estate industry continuously evolves, and there are ample opportunities for investors and homebuyers to explore these emerging trends. The Runwal Group, with its innovative and sustainable projects, stands at the forefront of this transformation, offering residential solutions that cater to the aspirations of modern homebuyers. Explore the latest Runwal Group Projects to find your dream home in this exciting real estate landscape.
